ST. PAUL, Minn. (Legal Newsline) - Minnesota Attorney General Lori Swanson filed a lawsuit on Friday against a coin dealer that allegedly charged consumers tens of thousands of dollars and failed to deliver silver, gold and other coins.
The lawsuit, filed against Tiffany Grady, individually and doing business as The Stella Group, alleges violations of state deceptive trade practice and consumer fraud laws. Swanson's office filed the lawsuit in Ramsey County District Court.
"We have seen instances where disreputable coin dealers defraud consumers by inflating the value of coins or not delivering them," Swanson said. "People should exercise caution before sending money to dealers who aggressively pursue them to invest in coins."
In one instance, a 66-year-old man allegedly received repeated calls from The Stella Group convincing him to wire $14,000 for 10 coins in June. While the calls allegedly promised delivery within two weeks, the coins never arrived.
In another incident, a 63-year-old man allegedly wired Grady $62,500 in July for coins that were never delivered.
The Stella Group also allegedly convinced an 82-year-old woman to pay $12,000 for 10 coins in May before she was admitted to the hospital and then a nursing home. The coins were never delivered.